April 15, 2010
BAIR REJECTS MCCONNELL TALKING POINTS.... Finding a credible figure who agrees with Senate Republican talking points on Wall Street reform is proving to be very difficult. Senate Minority Leader Mitch McConnell (R-Ky.) is not only lying, he's doing so in such a way as to make it obvious.
Consider FDIC Chair Sheila Bair's comments to American Banker yesterday:
Would this bill perpetuate bailouts?
BAIR: The status quo is bailouts. That's what we have now. If you don't do anything, you are going to keep having bailouts. Bankruptcy doesn't work -- we saw that with Lehman Brothers.
But does this bill stop them from happening?
BAIR: It makes them impossible and it should. We worked really hard to squeeze bailout language out of this bill. The construct is you can't bail out an individual institution — you just can't do it.
In a true liquidity crisis, the FDIC and the Fed can provide systemwide support in terms of liquidity support -- lending and debt guarantees -- but even then, a default would trigger resolution or bankruptcy.
Asked specifically if reform will end the "too big to fail" phenemenon, Bair told the truth: "I think it will go a long way."
And who's Sheila Bair? She's not exactly a liberal activist -- she's a Bush/Cheney appointee to the FDIC, a former assistant Treasury secretary in the Bush administration, and a former aide to Bob Dole.
I know the political world likes to put on airs, and pretend that it's impolite to expose a high-ranking official as a dishonest hack. But this week, no one wants to defend Mitch McConnell's abject nonsense.
—Steve Benen 4:50 PM
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And don't forget that passing HCR was a disaster for the Democrats! Just like all the Republicans were warning! Oh, why didn't Obama pay attention, when there was still time! Why, oh, why!
Posted by: MattF on April 15, 2010 at 4:52 PM | PERMALINK
It's a welcome surprise to see that Mitch "The Chin" McConnell is being made to own his nonsense.
Posted by: June on April 15, 2010 at 4:55 PM | PERMALINK
no one wants to defend Mitch McConnell's abject nonsense except the banks.
Fixed.
Posted by: Marko on April 15, 2010 at 5:00 PM | PERMALINK
Maybe, just maybe we're growing up, after thirty years of the Lee Atwater Orwellian Talking-Points tactics.
As an aside, today, a self-employed friend (who is a fairly reasonable center-right conservative) commented that he is receiving a refund this tax year for the first time ever. I replied "Yep; That's Obama trying to rebuild a middle class."
He had no answer to that one. Nice moment.
Posted by: Churchyard on April 15, 2010 at 5:02 PM | PERMALINK
Pleaze, by next week the republicans will come out with some crazy non-sense as to why this bill will end the American dream as we know it.
There is just too much Wall Street money for this thing to keep cruising at it's current velocity.
Posted by: ScottW714 on April 15, 2010 at 5:02 PM | PERMALINK
With all due deference to Steve and the commenters above, baloney.
The McConnell position, which is the Frank Lutz talking points, barely even updated, will draw a bare minimum of 30 Republican votes--and I wouldn't be gobsmacked if he once again succeeded in herding all of his cats, oops, elephants, into "No" votes, resulting in the failure of the bill.
It doesn't matter if his position is errant nonsense; what matters is securing Wall Street cash for carrying their non-regulatory water, while scoring political points. Once again, I am mightly unimpressed with the quality of the Democratic rhetorical pushback.
Posted by: dell on April 15, 2010 at 5:07 PM | PERMALINK
Probably any attempt to reign in the Wall Street Casino is better than none, just as with HCR. With the bankers owning the Congress as much as the health insurance industry, one shouldn't get one's hopes too high regarding real institutional reform.
The Dems still haven't learned how to push back enough when hacks like McConnell parade their lies for all to see. All the Dems do is react to what the right-wing propaganda machine puts into the echo chamber, and it's very tiresome. Will they ever get ahead of the curve?
Posted by: rrk1 on April 15, 2010 at 5:07 PM | PERMALINK
Despite Sheila Bair's association with Republicans, she has integrity and knows her stuff, and she isn't a tool of Wall Street, which puts her head and shoulders above people like Bernanke, Summers, and Geithner.
Too bad Obama didn't offer her a more powerful office.
Posted by: Joe Buck on April 15, 2010 at 5:08 PM | PERMALINK
And the klieg lights go click...
I know the political world likes to put on airs, and pretend that it's impolite to expose a high-ranking official as a dishonest hack. But this week, no one wants to defend Mitch McConnell's abject nonsense.
I'm not one for putting on airs. Even so, I know it is not good form to attack someone's appearance. So I've held this close to the vest for a long time: Every photo I've ever seen of McConnell has reminded me of one thing repeatedly: A double-chinned deer caught in the headlights utterly uncertain of its footing.
This week, at long last, my close kept parody met DC's reality...
Posted by: koreyel on April 15, 2010 at 5:11 PM | PERMALINK
Pleaze, by next week the republicans will come out with some crazy non-sense as to why this bill will end the American dream as we know it.
There is just too much Wall Street money for this thing to keep cruising at it's current velocity.
Posted by: ScottW714
how bout it's socialism. it's a republican classic. i know, i know. it's been used heavily lately, but it works so well with tea bagger crowd. and it means nothing so it's hard to refute.
Posted by: mudwall jackson on April 15, 2010 at 5:11 PM | PERMALINK
["Once again, I am mightly unimpressed with the quality of the Democratic rhetorical pushback."]
Really? For the first time in quite a while, I see Congressional Democrats saying quite bluntly that a big-time republican (in this case, McConnell) is a liar. And the press are actually picking up on that, to the point where people are actually pushing McConnell about that confab he had with those bankers and hedge-fund managers a week ago.
It may not last, but it's quite impressive to me that they've pushed the narrative so well in the past week.
Posted by: Shade Tail on April 15, 2010 at 5:13 PM | PERMALINK
Anyone check out McConnell's connection with Massey Energy? He is a recipient of hush money from Blankenship and Big Coal, along with his wife, Elaine Chou, former Secy of Labor under Bush.
http://www.thedailybeast.com/cheat-sheet/item/west-virginia-coal-mine-blast-kills-six/tragic/ Sorry for the URL
Posted by: st john on April 15, 2010 at 5:45 PM | PERMALINK
along with his wife, Elaine Chou
The wife is a front, McConnell is gay.
A double-chinned deer caught in the headlights utterly uncertain of its footing.
Ever see a gay deer in the headlights?
Pleaze, by next week the republicans will come out with some crazy non-sense as to why this bill will end the American dream as we know it.
It's the end of free market capitalism as we know it and hello to Sharia law. Armaggedon will follow the next day after the Muslim President signs it.
Posted by: flyonthewall on April 15, 2010 at 6:24 PM | PERMALINK
So it's confirmed; McConnell is gay. Let's run with it! Alert the media!
Seriously, that guy is the poster boy of the Dysfunctional Senate. Who in God's name votes for these clowns?
Posted by: Patrick Star on April 15, 2010 at 11:45 PM | PERMALINK
About the only thing left for McConnell and his Wall $treet masters to do is pull a Newt (read: Galt) and stick it to America with a full-on finance shutdown---crash the $treet and blame it all on Dems.
Looking at the looming bubbles on commercial real estate and ARM resets, this scenario becomes more likely.
However (and there's a gargantuan "If Moment" in this "however"), should the $treet pull the trigger too soon, there will be enough time between the "crash" and the midterms for Dems to rally the People to the fact that the failure was pre-engineered by the GOP and the $treet---which, in turn, destroys the Republican Party and takes ownership of the economy away from the banksters once and for all....
Posted by: S. Waybright on April 16, 2010 at 2:07 AM | PERMALINK
But this week, no one wants to defend Mitch McConnell's abject nonsense.
There is of course, Scott Brown. "Yessuh, Mr. McConnell!"
Posted by: RusL on April 16, 2010 at 10:53 AM | PERMALINK